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Bank of Spain paper rejects bitcoin as alternative to large-scale payment system

Central Banking Newsdesk

18 Feb 2019

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Bitcoin has serious shortcomings if it is intended for use as a large-scale payment system, a working paper published by the Bank of Spain concludes.

“The absence of intermediaries and the consequent decentralisation of the system through a set of validators who do not trust one another, leads us to a resource-intensive validation process, which makes the system less efficient,” Carlos Conesa writes in his paper.

Conesa admits the emergence of bitcoin caused a “ripple” in the market, but the